MOVE Logistics Group (MOV) H2 2024 earnings summary

Executive summary

• Revenue declined 13% year-over-year to $301.7m, with net loss after tax widening to $(48.1)m, including $19.7m in non-trading adjustments.

• Normalised EBITDA dropped to $27.6m from $47.4m, and normalised EBT was $(25.7)m, reflecting underperformance and slow response to recessionary conditions.

• Underperformance was driven by high exposure to the retail sector and delayed response to market changes.

• A comprehensive change programme and accelerated plan are underway, targeting significant improvement in FY25 and a return to normalised EBT profit in FY26.

• New leadership and a refreshed board are driving urgent operational recalibration, cost control, and sales-led revenue recovery.

Financial highlights

• Revenue: $301.7m (FY23: $347.7m), down 13% year-over-year.

• Net loss after tax: $(48.1)m (FY23: $(7.2)m), including $19.7m in non-trading adjustments.

• Normalised EBITDA: $27.6m (FY23: $47.4m); normalised EBT: $(25.7)m (FY23: $(5.8)m).

• EPS declined to -37.66 cents from -6.18 cents year-over-year.

• Free cashflow improved to $2.0m from $0.7m year-over-year.

Outlook and guidance

• FY25 is positioned as a turnaround year, with positive adjusted net operating cashflow and significant EBT improvement targeted.

• FY26 aims for a return to normalised EBT profit.

• Strategic priorities include recalibrating operations, profitable revenue growth, and balance sheet resilience.

• Change programme underway since July 2024, with early wins in customer sales and freight turnaround.

• Economic and sector conditions expected to remain challenging until at least 2025.